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Law is one of the broadest and arguably toughest fields of study. Contracts Law constitutes an imperative study area that every Law student should be familiar with. However, despite being a subcategory of the broader Law discipline, Contracts Law covers a considerably large scope and students often require expert Contracts Law assignment help to attain desirable grades. Our experts are dedicated and proficient professionals who can deliver premium contracts law assignments. Below is an overview of what students should expect from this discipline:
What is Contracts Law?
Contracts Law encapsulates all legal or constitutional provisions purposed to enforce certain agreements between parties. It is imperative to consider the fact that the agreements enforced by pertinent laws and regulations are usually voluntarily entered into by the parties in question. In the Australian legal context, Contracts Law is governed by Common Law provisions. Notably, the country is also adopting new statutes to complement the Common Law.
What Elements Make a Contract Legally Binding?
A contract is only enforceable under Contracts Law if it meets a particular set of fundamental factors. Without these factors, a contract is not regarded as a legally binding agreement and is therefore not eligible for enforcement under relevant constitutional provisions. The following are the fundamentals of a legally binding contract:
- Agreement
For a legal contact to exist, two or more parties must come into an understanding in the form of a legally binding agreement. Verbal promises based on good faith are not considered as being legally enforceable; this means that unilateral contracts are not subject to any legal interventions. Our Contracts Law assignment help experts can assist you in determining the types of agreements that are admissible under the law and those that are not. - Consideration
This is a form of collateral that is offered to one or more parties provided for in a contract. For instance, if the contract requires a party to provide certain services, the service recipient should provide something of value in exchange for the services. Therefore, a legally binding contact should be considerate of the interests of all parties involved an ensure that a mutual understanding is attained. - Intention
All the parties involved in the formation of a contract must indicate their intent to enter a legally binding agreement. In this case, it is crucial for the parties to understand and consent to the laws and regulations guiding the type of contract they are entering into. This means that unofficial or private agreements may not be enforceable under Contracts Law. - Capacity
The people entering a contract must meet certain requirements to ensure that they are fit to consent to pertinent agreements. For instance, such parties must be of legal age and of sound mind. A contract entered into by incapacitated individuals, such as people with serious mental challenges, are not legally binding. - Certainty
This element considers three imperative factors. Foremost, the contract must be complete; it must account for all terms and conditions agreed upon by all parties. Second, it must be clear; this means that the contract should be precise regarding relevant considerations. Lastly, the contract must be binding.
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